Accounting profit is greater than or equal to economic profit.
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Governments can improve market outcomes for
A. public goods but not common resources.
B. common resources but not public goods.
C. both public goods and common resources.
D. neither public goods nor common resources.
A good is excludable if
A. one person's use of the good diminishes another person's enjoyment of it.
B. the government can regulate its availability.
C. it is not a normal good.
D. people can be prevented from using it.
Goods that are excludable include both
A. club goods and public goods.
B. public goods and common resources.
C. common resources and private goods.
D. private goods and club goods.
Both public goods and common resources are
A. rival in consumption.
B. nonrival in consumption.
C. excludable.
D. nonexcludable.
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